Ford losing $100,000 on every EV it sells

Almost every Ford ICE-powered vehicle individually outsold the entirety of the Model e lineup.

Ford registered a net income of $1.3 billion in the first quarter of 2024. However, its electric vehicle division, 'Model e', seems to be struggling. According to reports, Ford's EV sales went up by a massive 86% in the first quarter of 2024. Despite this, the American car giant is losing $100,000 on every EV it sells.

Ford's EV sales totalled just 20,223 units in the first three months, which includes the Mach-E, F-150 Lightning and E-Transit. Of this, the best-selling EV was the Mustang Mach-E, with 9,589 units of sales. Reports also state that almost every Ford ICE-powered vehicle individually outsold the entirety of the Model e lineup. For reference, the F-Series alone registered 152,943 units of sales.

The loss in Ford's Model e division, though, is said to have been compensated by Ford Pro - the commercial vehicle division of the brand, which registered a $3 billion gain in Q1 2024. Ford Blue - the ICE and hybrid division logged a revenue gain of $900 million.

Ford is already said to have slowed down production of its EVs in response to the weakening sales. The carmaker is looking at ways to offset its financial losses from the Model e group.

Source: Bloomberg